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r<> 'rill
L^NION PACIFIC RAILROAD
MARCH --;, 1871
1;('^'1'().\ :
PRINT1';]) 1;\- 1;.\M1 A\'!.:i<\', \- FRVK, i C01';NHI1.1,,
i,S7i
fr- ^
rf^-
Tl
.^ .
REPORT
TO THE
STOCKHOLDERS
OF TtlE
UNION PACIFIC RAILROAD
MARCH 8, 1871.
BOSTON:

A" '.
PRINTED ]iy RAM), AVERV, & FRYE, 3 CORNHILL. 1871.
REPORT
TO THE
STOCKHOLDERS
OF THE
UNION PACIFIC RAILROAD
MARCH 8, 1871.
BOSTON :
PRINTED PY RAND> A VERY, & FRYE, 3 CORNHILL.
1871.

ec ^nion pacific ^ailroatt to^in]?.
Boston, Mass,, March 8, 1871.
REPORT
TO THE
STOCKHOLDERS OF THE UNION PACIFIC E. E.
DURING the past year, notwithstanding the great depression of business in California, the net earnings have been sufficient to meet the interest upon our entire bonded debt; and it is confidently expected that the ensuing year will show much better results. We have very much improved our road during the past year, by smoothing and perfecting the road-bed, strengthening our snow-sheds where they showed signs of weakness last winter, increasing the amount of our snow-fences; and so effectually has our road been protected during the past winter from obstruction by snow, that we have in DO instance missed our connection at either end of our line ; while the roads east, through Iowa, have been detained over twenty-four hours. The great danger anticipated from the snows of the Platte Yalley and Lar-ramie Plains, has proved groundless; and the "Union Pacific Railroad can be run with more certainty of being unobstructed by snows than the railroads of New England and New York.
3
4
Our repair-shops at Bryan and Wahsatch have been a
source of great anxiety to us on account of the temporary nature of their construction, their great liability to fire, and
the difficulty of removing our locomotives, should a fire occur We decided last; fall to remove from these shops, and put up new stone shops at Evanston, of sufficient capacity to accommodate the machinery and store the engines now sheltered at both of these shops. We commenced the construction of our shops at Evanston, but not early enough to complete them before the winter set in with such severity as to force us to postpone their completion till spring. They will be ready for occupation early in May. They are finely located on Bear River, with an abundance of pure water, and in the immediate vicinity of one of the most extensive
coal-fields on this continent. The want of a bridge over the Missouri River, at Omaha,
to connect the eastern railroads with the Union Pacific, has been one of the most annoying incidents connected with the trip to California. The uncertain and turbulent character of the river, with its shifting banks, has made its passage uncertain, and frequently extremely tedious. During the past year, we have been actively at work upon the bridge. and hope to have as permanent and durable a structure as can be made, ready for use the ensuing summer.
Mr. T. E. Sickels, the chief engineer of the Company, submits a report in detail, upon the construction and present condition of the Missouri-river bridge, from which I extract the following facts: —
The bridge is of 11 spans, of 250 feet each, 50 feet above high water, resting upon one stone abutment now completed ; and 11 iron piers, all in place, and the larger
part of them already sunk from 60 to 72 feet in the sand, and resting in the bed-rock.
All piers will be completed by the time the superstructure is ready to be placed in position.
The pneumatic system, used in sinking the piers, is
5
',
specially applicable to the construction of foundations for bridges across rivers similar to the Missouri. Lignite, bones, &c., have been found to a depth of 50 feet below low water, showing a scouring of at least that depth; and the bed-rock, when reached, sliows invariab^ a smooth surface, worn by attrition of sand upon it. The shortest time in which any column was sunk was seven days ; and the greatest depth any column has reached in twenty-four hours was 18^ feet.
The west approach to the bridge is 7,000 feet long. The material for it is very rapidly moved, and it will be completed by April 1.
The east approach is 1-^ miles long, rising from the tableland in Council Bluffs to the bridge grade at 35 feet per mile. This. approach requires 468,000 cubic yards of earth; "and there has been put in by steam-shovels and three trains of cars during the past winter 82,700 cubic
yards.
With energetic prosecution of the work, Mr. Sickels is of opinion the bridge can be completed this year.
The bridge is being constructed for highway-travel on the same level with the track of the railway. The revenue arising from this travel and the transportation by cars, taking as a basis the present transfer of cars, freight, and passengers, between the roads terminating in Council Bluffs, Iowa, and the Union Pacific, and the foot^travel between Council Bluffs and Omaha, Mr. Sickels finds to be for the year 1870, at the rates charged, ^176,430. In view of the rapid growth of Council Bluffs and Omaha. which now have a population of 29,000, the large immigration induced by the cheap lands along the line of the road, the development of the Utah silver-mines, and of the agricultural and mineral lands generally, adjacent to the road, with the assured great increase in the trade in Texas cattle, the estimate for 1871 may be set down to be $275,000.
An Act has been obtained from, Congress, authorizing a
6
f the bridge We propose, now, to issue two
;Sehmidred ^usand (^00 000) dollars of twenty ^n vears 8 percent mortgage bonds, to provide means orrcorapletion of the bridge. The tolls on the bridge
will be fixed at a rate sufficient to pay the interest on the bonds and set apart enough to a sinking fund to redeem them at maturity. It is proposed to make the bridge a carriage-way for the accommodation of travel between the cities of Omaha and Council Bluffs, and from which it is expected to derive an income largely in excess of the additional cost, and without interference with its use for railroad purposes.
The increased facilities opened by the railroad for reaching the mining districts have greatly stimulated the development of the mines. Colorado and Utah are now opening some of the richest mines yet discovered in our country. The mines in the vicinity of Salt Lake are exciting great attention. It is estimated that from ten to fifteen thousand settlers and miners will be drawn there the ensuing season. The amount of ores to be sent over our road to smelting works east and in England is estimated to be from 500 to 1,000 tons daily; while the machinery and supplies
necessary to develop successfully and profitably the mines will give a very large westward business to our road. Our prospects of business from Salt Lake City and its vicinity
are very encouraging; and I shall be greatly disappointed it it shall not be more than double what it was last year.
^ur coal-mines have proved fully equal to our most sanguine expectations, both in regard to the superior quality
Do1;? ^ aa .a 6ie^ genel'ator and ^ extent of the de-coTiL , ^ eved that there ia "o better coal in this
^ S^ r106'and none wbere u ^
and in vast o7^ + Ir011 ore) of ve1^ ^P^101' ^tyt of Chevennq Dtltles' as been ^covered in the vicinity
district here t^^nr16!-, we have promise of an iron " wlli be ^le to compete successfully with
the most favored localities of our country.. Extensive iron works must spring up on tlie line of our road, and we shall be furnished with cheap iron for all its uses. Coal and iron, the most necessary and essential materials for the construction and operation of a railroad, are found on the line of our road in unlimited quantities, and of the finest quality. They are the sure guaranties that our road can be maintained and operated at the lowest rates.
The sale of our lands and the settlement of the country on the line of our road have been very satisfactory; and a large increase of our business must be derived from this source. Our land agent, Mr. Davis, anticipates a very large influx of settlers the coming season, whose purchases must greatly reduce our indebtedness on Land Grant Tionda. One of the most promising sources for the increase of the business of our road is stock-raising on the PIatte Yalley and Larramie Plains. Parties who have been in this business for the past two years have realized very satisfactory profits ; and the rapid increase of the flocks and herds indicates that we may soon expect to transport hundreds of car-loads of beef and cattle daily to Chicago and eastern markets. These .immense plains, covered with the most nutritious grasses, which have been in past ages the pasture of countless herds of buffalo that have been driven off by advancing civilization, are now open for the flocks and herds of the enterprising settler. The pasturage is unlimited, and the extent of the business is only limited by the capacity of eastern markets for consumption.
Cattle that were purchased last summer for $13 each, and have cost but $1 since-for their care, are now being sold for $24 each. It does not cost over from ^5 to $8 to raise a steer up to three years old, that will weigh from eight to ten hundred pounds. These plains cannot be settled up for many years; and they offer to capital one of the most flatter-ing openings for safe and profitable investments.
Q' na the opening of our road, we have been seeking Since the^ ^^^ ^^ of the teas and silks of China
^TTn Ar^^^^^^^^^^^ been recently made that w0!?! ^ think. secure a large portion of this business overland- and we expect during the coming season a very large
increase of our receipts from this source.
A business that has run for a long period in one channel is changed from its course with great difficulty. We shall find from year to year new business and new sources of income. The Montana business from the east, previous to last year, went almost entirely up the Missouri River by steamboats.' Last year, a portion of it went over our road.
-This year, I think it will almost entirely go over our road, leaving it at Evanston, Ogden, and Coriune, for Montana,
on wagons. The great mutations which have taken place in our
securities the few months past perhaps demand some explanation.
After we had saved the Government millions upon millions on the cost of its transportation over the plains and to the Pacific; after we had done away with the necessity of keeping a cordon of soldiers for eighteen hundred miles, to secure the safety of emigration and of trans-continental trade; after we had opened the vast interior to settlement seven years earlier than required of us by our charter,
— the action of some of the departments of the Government became so hostile to us as to shake the credit of the corporation. The Treasury Department first refused to receive United-States Pacific Railroad Bonds as a basis for banking, and thus lessened their mercantile value; next selected and set apart these bonds in its monthly pnblica.
tons of the public debt, as if not a portion of the debt of the United States, but of our road exclusively ; thus apparently indicating its irresponsibility, and thereby again lessening their value, then polished monthly, not only the indebtedness, with the interest, but the deficit of interest, SIR if dne
9
by us, and left unpaid; and then, worst of all, and hardest of all, withheld from us all our earnings in the transportation of letters, newspapers, packages, and of the array and navy, all of wliicli hitherto we hail been paid one-half of, as under Act of Congress. Tlie Treasury Department was fortified in tlie last act of injustice by an opinion of the Attorney General. These repeated blows against this the great work of the age, so unexpectedly directed, shook our credit for a time ; for it was soon seen and felt that no corporation could withstand such attacks, and hence those wide and wild variations in tlie market-value of our securities. The Judiciary Committee of the United-States Senate (every member except one) offset their legal opinion, that the interest was not due, against tlie opinion of the Attorney General, that it was all due ; and every other committee in both Houses of Congress before whom the question was brought agreed with the Judiciary Committee of the Senate. Both Houses of Congress finally reversed the action of the Treasury Department and of the Attorney General (the House of Representatives without a division), and the result is the restoration of the credit of the company, with a great advance in all its securities.
OLIVER AMES,
President Union Pacific Sailroad Company.
t
10
UNION PACIFIC RAILROAD CO.
GENERAL SUPERINTENDENT'S OFFICE
OMAHA, NEB», March 1, 1871,
OLIVER AMES, ESQ,, President U- P- K- R. Co,
Dear Sir,— I submit herewith a statement of the operations of the Transportation Department, for the year ending Dec> 31, 1870,
1870.
Earnings. Expenses. Net Eai-nings.
January
© 528,529 22
^473,950 38
$54,578 84
February 500,139 42 449,838 67 50,300 75
March 539,238 09 442,900 61 96,337 48
April May June July
August
September
October
November December
680,973 26
802,586 09 743,261 83 643,058 44 664,050 83 728,520 93 719,697 80 570,168 31 505,052 89
474,355 61
479,640 61
419.786 39
388,350 38
349,329 93
286,158 16
346.604 28
272.730 04
293,769 78
206,6.17 65 3-22.945 48
-"i
323,475 44
254,708 06 314,720 90 442,362 77 373.093 52 297,438 27 211,283 11
$7,625,277 11 ^4,677,414 84 ' S'2,947.862 27,v . , ,
Expenses, 61 S-1-100
per cent of earning
11
CLASSIFICATION OF EARNINGS.
1870, Freight- Mail. Express. MisceHaneone
January., February. March-,,.
April m..,,,
May. June,
July,. -,,,,,,.
AuguBtn..,, »i September, i > Octobern-t..
November.-. -December, . •«
$165,396 56 209,643 65
272.641 47
397,566 50 421,999 90 396,072 31 336,298 02
357,150 64 360,160 56
359,108 99 306,107 19
236,476 76
$281,560 70 222,584 31 213,808 93 223,666 50 324,385 62 294,321 86 249,825 35 246,427 35 306,050 40 292,132 10 198,793 81 204,957 69
$22,129 17 22,129 17 21,940 23 22,129 17 22,129 17 22.129 17 22,129 15
22,129 19 22,129 16
28,705 41 25,180 00 23,654 59
$23,819 69 23,277 61 23,972 64 17,463 23 16,874 17 18,998 49 23,657 72 23,881 15 28,107 29 27,874 07 25,369 74
28,395 96
$35,623 10 22,504 68 6,874 82 20,147 86 17,197 23 11,740 02 11,148 20 14,456 50 12,073 52 13,877 14
4
14,717 S7 11,568 89
$3,818,627 55 $3,058,514 71 $274,513 58 $281,691 76 $191,929 53
Government transportation is included in the above columns of Passengers and Freight.
PASSENGER .TRANSPORTATION.
Table showing number of Way and Through Passengers carried, and the number carried one mile, during each monlft of the year 1870.
Months.
Way Passengers -
Way Pilssen-grrs carried one mile.
Thro ii^h Passeneers.
Through Pas-
0
senders earned
one mile. -
Total Passengers.
Total Passengers carried one mile.
1,676.797 1,129,773 1,448,557
743.308 9G3.228
1,551,811 787,250
1,029,309
1,305,722 5S9,016 •261,919
1,217,621
12,704,311
2,467 2,80-2 4,571 6,209 7 392 6 263 5,445 5,133 5.303 5,741 5,145 3,811
2,547,944 2,891,664 4,717.272 6,407.688 7,628,544 6,463,416 5,619,240 5,297,256 5.472,696 5.:) 24.712 5.309,640 3,932,952
62,213.024
7,809
8.565 11,721 15580 15.738 13.834 12,945 13.162 12.516 11 5^0 10,560
8,603
142,623
4,224,741 4.021,437 6,165,829 7,150,996 8,591,772 8,015,227 6.406,490 6,326,565 6,778,418 6.513,728 5,571,559 5,150,573
74.917,335
January....................... 5,342
February. ..................... 5,763
March-. ....................... 7,150
April.......................... 9,371
May .................... ..... 8346
June.......................... 7,571
July .......................... 7,500
August. ....................... 8,029
September..................... 7,213
Octobt-r....................... 5,849
November ...................... 5,415
December...................... 4,792
Totals. ................... 82,341
13
FREIGHT TRANSPORTATION.
Showing number of tons of Local and Through Freights; also number of low carried one mile,
Number of tons of Freight carried one mile.
Months. 1870.
Tlirongh Local. Total,
January 878,778 2,572,960 3,451,738
February 888,406 1,444,006 2,332,412
March
April,
May>
June
Julv,
1,564,150 1,555,480 1,615,666 1,234,500 1,666,431
1,773,368
2,381,158
5,109,354
4,964.379
4,442,148
3,337,518
3,936.638
6,725,020
6,198,879
6,H)8,579
August
0
September
October.
November.
2,539,475 2,843,438 2,602,379 1,915,121
4,077,712
6,063,888
5,718,525
6,538,411
6,617,187
8,90-7,326
8,320,904
8,453,532
December,
804,988
6,584,385
7,389,373
20,108,812 51,670,294 71,779,106
14
1
f
~H
GOVERNMENT TRANSPORTATION.
Skovsina number of tons of Government FreigJit carried one mile during 1870.
January............. ••••••••"•-•••••••••• 290,623 tons.
February. .........••••.••••••••-•••••••••• 61,809
March..................................... 181,659 "
April...................................... 514,611 "
May....................................... 414,732 "
June..............>....................... 273,780 "
July. ..................................... 255,905 "
August....... ................. ........... 660,217 "
September,................................ 325,850 "
October................................... 560,953 "
November.................................. 696,954 "
December.................................. 285,938 lt
4,523,031 tons,
15
CAR REPORT.
Showing the number of Cars of all kinds belonging to the Union Pacific Railroad Company.
First Class Passenger Cars
Second " Baggage Cars Mail
Express Officers' l( ^LiDCohl""
19 21 11
88 2
Pav (t J. cLy > • • • •
Emigrant " ..... Caboose " ..... Wrecking Cabooses
222 62
3
Derrick Cars
Dump " ... -Fast Freight Cars Stock Cars......
Fruit "
Powder Cars (iron) -Box " .......
Flat " .......
3
52 108 48 12 2 '1,032 1,165
Total
2,581
All of the above cars are in good order, except fourteen of the second class, which need repairs that will cost, in the aggregate, 816,500; and also about three hundred and fifty of the flat cars that were used in the construction of the road, and have been idle since then. In addition to the above, there are thirty-one Pullman cars, all but three of which are in good order.
16
NUMBER OF LOCOMOTIVES, DESCRIPTION, AND HOW EMPLOYED.
Bug's No.
Manufacture,
What employed for.
Condition,
1
2
4
5
6
7
8
9
10
11
12
13
14
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

39
40
41
Danforth & Co-
ti
+
Norris.
u
Hinkley & Williams.
Schenectadyi
(&
Rogers-Danfbrth & Co>
Hinkley & Williams
ii
Grant-
t&
u
& i ^ (&
Ct

Rogers i

(h
u1&
Hinkley & WiUlams
Taunton.
u
Unemployed
Pushing,
Snow-Plow,
Switching,
Snow-Plow,
Passenger.
Unemployed
Freight.
Switching. Unemployed. Passenger-Eep airing.
FrL-i":lit>
^
Unemployed Snow-Plow> Unemployed. Snow-Plow,
Freight Passenger-Unemployed. Freight.
Passenger-
Passenger, Pay Car, Passenger.
Good.
L&
Fair-Good-
(Light tires-)
Lfi
i.i
< .{.
Falr> Good,
Bad flues.
Good-if
it
^ (Weak flues»)
(C
Fair.
^
Good-Fair-Good-Fair.
Repairing-Good,
Ex. Switching
Freight Unemployed,
! Defective crows and Good- [fire-box.
Unemployed.
Switching. Unemployed.
Fair. (Crack in crown"
[sheet.)
Repairing. (Slight.)
Good. Fair. ^Thin tires.)
Good,
17
LOCOMOTIVES— Continued.
^.S3 Manufiipturo What em- „ ^o. ^anuMctuie. ^^ ^ Condition.
42 Taunfron. ; Frri^ht. Good.
43 • Grant. , " n
44 45
tt (4
Repairing-Snow-Plow- ; Good-
46
Freight.
it
47
Snow-Plow.
it
48
Freight
tt
49
U
Unemployed-
n
50
tt
ti
tt
51
Moore & Sous
Artesian WelL
Pair-
52
es
Switching, "
0
53 54
N orris, Moore & Sons-
Beinjj: repaired. Engine-truck and lifting-Unemployed- Fair. [shaft, broken.
55
t&
Switching- (t (Weak flues.)
57
Grant.
Freight-
Good-
58
u


59
Schenectady-
Freight-
ii
60
n
it
tt
• i
61
u
Unemployed-
Fair.
62
tt
Freight.
Good-
63
»tl
it
Fair-
64
it
it
Good-
65
tt
it
tt
66
a
u
it
67
u
Snow-Plow-
it
68
Rogers-
Unemployed-
Fair.
69
&&
Freight,
Good.
70
ti
it
tt
71
n
Unemployed-
u
72
it
Snow-Plow-
tt
73
n
Passenger.
tt
74
a
tt
tt
75
n
u
tt
76
n
tt
tt
77
it
tt
tt
78
Hinkley & Williams>
Unemployed.
ti
79
it
tt
tt
80
n
Repairing.
Fair-
81
it
Freight.
Good-
82
u
Switching.
ti
*
83
DaGfbrtli & Co>
Coal train-
a
84
ec
Unemployed-
it
85
u
ft
Fair*
86
tt
Water train >
Good.
87
tt
Unemployed.
n
88
Baldwin-
Freight,
u
a 18
LOCOMOTIVES — Continuedi
What employed for,
Condition
Baldwin.
Taunton.
Ehode Island.
c&
Buroside.
^it &<
ec t(
Baldwin-
tt
Ct
<& (t
4£ hC it
Rogers,
Taunton,
Rogera.
Schenectady,
Ci
Unemployed. Freight-Pusher. Freight.
Es-Fr't&Pas. Freight
u
Snow-Plow-Freight,
61
t&
Snow-Plow-, Passenger. Freight-Freight-
it
u
Extra Freight-
Freight,
& t
6h (t
Passenger. Freight.
u
Passenger. Repairs,
Extra Freight, Passenger*
L&
Switching, Freight,
4t U
Unemployed.
Cfi
Repairs • Freight,
Unemployed. Passenger, Freight, Pusher,
Fair. Good.
Fair. (Defective crown-Good- [sheet.)
n.
it
ec
Fair.
(J
Good*
it
Fair.
n
Good.
Repairingi
Good.
4
uu u
(&
f
(1 ec
u' t
c&
Fair-Good-
Fair, except cylinder. Fair.
Good-Being repaired.
Good.
&&
Fair. (Weak flues.) Good.
a
it ^
(&
uit
Ct
& 1 tt &1 (f u
19
LOCOMOTIVES— Continued.
Eng's
No.
Manufacture,
What employed tbr-
Condition-
143
Schenectady.
Freight.
Good.
144
&&
&&
u
145
»
£&
&c
146
u
Passenger*
u
156
Hinkley & Williams.
^
li except tender,
157
it
Freight-
(&
158
»
Pass^n^er.
n
159
Taunton,
Extra Pass.
Cf
160
tC

Repairing crown-sheet.
161
u

General repairing.
162
((
Passenger,
Good,
163
(&
u
t&
164
»
it
Cf
165
u
u
C(Total number, 145.
PONY ENGINES.
Eng's No-
Manufacture.
What employed for.
Condition
1
28
4
5
Danforth & Co-Grant-Rogers. Grant. Sehenectady-
Switching.
(&
Ci
(& u"
Fair,
< t
< c
((
Good,
Total number of Ponies, 5- Total number of Locomotive^ 150,
20
During the year 1870, trains were run with great regularity. From Oct. 1, 1870, to M.ircli 1, 1871, which embraces that portion of the year when it was popularly supposed that snow-blockades would occur on this ro;id, all passenger-trains going west made regular connL-ctions with trains on the Central Pacific R'lilroad; and all eastward-bound passenger-trains, with a single exception only, connected regularly with trains going east and soutli from Omaha. Snow-storms on the mouiitiiin division ot the road have been very numerous during tlie past winter; but ample protection to the track was afforded by tlie snow-sheds and snow-fences. It is believed that no railroad in thia country, on or near the same parallel of latitude, is less liable than is the Union Pacific Railrudd to obstruction by
snow.
Only one accident occurred during tlie past year. that
caused death to a passenger. This was occasioned by tlie breaking of tIie flange of a car-wheel, which resulted in tlie death of two passengers, and slight bruises to fuur others.
BUSINESS OF THE ROAD FOR 1871.
The prospects for a large increase over the business of 1870 are extremely favorable. The development already made of the Utah silver mines, the great extent of country covered by them, and the richness of tlie ores, afford evidence that a large amount of passenger and freight business incident thereto will pass over the entire length of tlie road during the coming season. Last year, there were ten thousand two hundred and forty (10,240) tons of ore transported from Odgen to Oinaha; and, for the months of January and February, there have been two thousand five hundred and seventy (2,570) tons transported; which latter were the product of one region only.
The transportation of machinery for smelting works, of which large quiiuLitiea are nuw being madu iu Chicago and
21
elsewhere, and of supplies generally for that region, will constitute a very pronraltle sourco of revenue, \vhii:h together with the freight on OI-BS and bullion going eastward cannot fail to add largely to receipts of road.
It is estimated by well-intormed persons now in Utah that one thousand (1,000) tons, at least, of ore and base bullion will pass over tlie road daily during the mining-season of this ye;u'. Tlie production of ores will be further stimulated by tlie extension, during tlie coining summer, of
the Utah Central Railroad to Payson, seventy-five miles south of Salt Lake City.
LOCAL TRADE.
The local trade of the road is increasing quite as rapidly as could have been anticipated. From the extended efforts that have been made by the Land Commissioner to direct attention to the large quantity of valuable agricultural lands near the line of tlie road, it is known that an extensive emigration from Europe and the Eastern States will be made this year to lands adjacent to the road in Platte "Valley.
TEXAS CATTLE TRADE.
Last year, there were twenty-seven thousand (27,000) Texas cattle driven to the line of the railroad from Texas.
^- ^^
The parties engaged in this business were so successful, that they have increased their operations, and now give assurances that not less than seventy-five thousand (75,000) head will be driven to the railroad and sent to Omaha dur. iog the coming season, to'be transported to Chicago and
the eastern cities.
THROUGH BUSINESS.
Arrangements recently made with steamship lines are a guaranty that there will be a large increase in overland passenger and freight basioeBS this year. Estimates have

bean made of the proh^bte ftrmmnt of basinets tliat will be
—— ^ -f ^^T- T'»^ ^"^ ... • J|.
(low ^y (Ite n>a*l fittriog l)»e ye^ir lS7t, w!iich ware b^^d au the rao^t relia^iy (littii«t>t;tiitab!o. Frura these f^t!.ta;it.^«, thy totiil itiee4>t?i of the road, it is n^auioed, will araoUiil to
ten miltiona of dollars (110,000,000). The exp&aaog oftranaportation,in view of the expenenc®
already ftUaiRed in (ipeniti»g tli© r<^i^, can be stitte<I with an approximatictn iti accurHCy, ;iti(l will not be toond to ex-eeeti ntty per cettt uf rocyipErt ; ieaving » bahince of Hve Batinons of dolhirij ($5,000,000) aa t!>e net profits of the year's busin^s. Very respectfully,
TV Qff^WI Q
. £*. Siiv. rLl'-Uc?.
' Oh^/JSfi^r and Sup^t.
23
STATEMENT OF THE BONDS AND STOCK OF THE UNION PACIFIC RAILROAD COMPANY MARCH 7, 1871.
First Mortgage Bonds. ................... ^27,237,000
Land Grant Bonds .......... $10,400,000
Less Bonds cancelled......... §06 000
————— - 9,594,000 Income Bonds .......................... 10,000,000
„ . , _ —————— ©46,831,000
United-States for 6% Cy. Bonds ....................... 27 236 512
Capital Stock issued ................................. 3^74^000
aTATEMENT OF THE LAND DEPARTMENT TO JAN. l, 1871. -
b
Bonds issued, §10,400,600; interest 7 per cent Currency.
Land sales, 292,900 acres; proceeds, ®1,306,566; average price per acre, ®4.46.
On account of these sales, the Company has received and redeemed land-grant bonds to the extent of............... §736,000
For the remainder, the Company holds land-notes maturing in
one, two, and three years with accruing interest ......... 576,650
Total. ..................................... .... tr;812,650 ^
' -IL- /^'"
The condition of the laud department may, therefore, be stated thus: — •.^ Bonds ...............................'....... •••••- ©10,400,000 ^
.1'
Principal reduced by bonds redeemed .•»-<.»» ©736,000 '" Land Xotes on hand- ,mm m ,,-,.---— 576,650
h
Showing an absolute reduction............... •. $1,312,650
^^" ^
TIie Company is entitled under the grants from Government, after deducting total lands pre-empted before
f n, n . ......... 12,080,000 acres.
passage or the act .....••.••••••••••••••••• '
From which deduct tlie amount heretofore sold ....... 292'S83 acres* * .
, "
-i Bn+ ...... 11,787,117 acres,
Leaving on hand as an asset ..........•••• ' ._-,..
which, at an average value of two dollars per acre belnptwent„pe^ cent below the minimum Government price for adJOiomg lands owned
hy it, should yield the gross sum of $23,574.284, so mucl^-^-^^^^,
be required to be applied to the payment on '•e<1^^1^^ . bonds; and the bilance to go into the Treasury. The average ^
amount to about %75,000 per month. " |
• ,•-3
• ' : ^
8
, .._y cold with considerable snow, but there has SDOW- SiTdela? of either passenger or freight trains on that
account. The equipment of the Road consists of-
168 Locomotives, EiiuipmeDt. ^ passenger and Baggage Cars,
3,060 Freight Cars. It is all in good condition, and was never better than it is
at present. .11
The Boiling Mill at La.ramie has been in operation
MnllDe during the last year, and has re-rolled 10,914 tons of rails, at the contract price of 818.50 per ton. The contract with Mr. Boyal M. Bassett having been terminated by agreement, the operating of the mill will hereafter be controlled by the Company. Recent improvements for rolling rails have been made, others are proposed to be put in, which, when done, will materially reduce the cost and greatly improve the quality of the rails for the Road.
Mininff The mining business of Colorado, "Wyoming, Utah,
n 11 fl 111 AQ B
Montana, and Nevada, which is tributary to the road, was never looking more promising than at the present time, and the production of silver and copper ores and bullion is constantly increasing.
The Black Hills mining district is also attracting much attention, and is likely to surpass in richness and extent any similar development yet discovered, California not excepted. The present year bids fair to add a very large increase to the population of tills rich mining region.
Coal. The coa1 mines of the Company have produced satisfactory results during the past year. Tlie business is increasing and the sales to tlie public are nmcli larger.
The production of the mines for the years 1875 and 1876 was as follows:
Ton3- Cost of Mining. Cost por Ton.
187o, 208,222 $:iyi,8S5 10 $1 88 1S76, L'04,771 375,520 50 1 W
Increase, 50,545 Decrease.....................^10,251 41 .46